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Medial office developer and investor Meridian has acquired the Beverly Hills Medical Plaza for $81.5 million in partnership with an unnamed institutional investor. The three-story class-A medical office building is 67,510 square feet and was 88% leased at the time of the sale.

The property is an example of the strong medical office performance during the pandemic. “The medical office sector has outperformed most other commercial property types through the COVID-19 pandemic and is viewed as a safe haven for discerning capital. As a result, there has been a significant increase in interest and investment allocation for the asset class, which has driven cap rates down and prices up. Irreplaceable properties such as Beverly Hills Medical Plaza will continue to be the beneficiaries of this trend and we expect similar assets to be even harder to come by in the future,” R.J. Sommerdyke, VP of Acquisitions at Meridian, tells GlobeSt.com.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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